Vision Care Market to Reach USD 192.85 Billion by 2026; Rising Usage of Sunglasses Will Propel Growth, Says Fortune Business Insights
Key Companies Covered in the Vision Care Market Research Report are Alcon (Part of Novartis AG), Essilor, CooperVision, Johnson & Johnson Services, Inc., Bausch Health Companies Inc., GrandVision, Carl Zeiss, Menicon, Luxottica, and other key players
PUNE, India, Dec. 9, 2019 /PRNewswire/ -- The global Vision Care Market size is expected to reach USD 192.85 billion by 2026, exhibiting a CAGR of 5.6% during the forecast period. Increasing awareness regarding ocular diseases in emerging nations is expected to aid the growth of the market. The increasing adoption of vision care products will boost the Vision Care Market growth in the forthcoming year. In addition, the growing cases of cataracts to create growth opportunities for the market. For instance, according to the World Health Organization, 51% of the world's blindness is caused due to cataracts. In addition, the increasing risks of cataract incidence predominantly in developing as well as developed countries will fuel demand for vision care.
As per the report, published by Fortune Business Insights in a report, titled "Vision Care Market Size, Share & Industry Analysis, By Product Type (Eyewear, Intraocular Lens, and Ocular Health), By Distribution Channel (Retail Store, Online Store, Hospital & Clinics), and Regional Forecast, 2019-2026" the market size stood at USD 125.16 billion in 2018. The report offers dynamic insights on all the prevailing trends and characteristics of the Vision Care Market. It provides an all-encompassing summary and analytical data of all the segments. It is created after extensive research followed by deep analysis to benefit companies, stakeholders, financers and potential investors. It is designed with an aim to provide a clear picture of the market size. In addition, it also includes the latest advances and development, product launches, acquisitions, collaborations & partnerships, and others.
Increasing Cases of Cataract to Promote Healthy Growth
The increasing incidence of cataracts around the world will subsequently aid the growth of the market in the forthcoming period. According to the Global Burden of Diseases Study, 2010 cataract caused worldwide 33.4% of all blindness in 2010 and around 10.8 million people were blind and 35.1 million were visually impaired due to cataract. With the growing risk of cataracts, the demand for vision is increasing, which therefore supports market growth. The growing population of individuals suffering from ocular diseases is expected to be one of the key reasons for driving the market.
Favorable Reimburusmnet policies to Stimulate Growth in North America
North America generated a revenue of USD 38.82 billion in 2018 and is expected to remain dominant during the forecast period. Higher adoption of vision care products in the region will further create opportunities for the market. Factors such as increasing awareness of the ocular disease, favorable reimbursement for cataract surgery, and increasing inclination towards eye care products is projected to further escalate the market's revenue in North America. The market in Latin America is estimated to grow at a steady rate alongside the Middle East and Africa. The unmet need for vision care in Latin America is estimated to be one of the prime reasons for spurring the growth in the region
FDA Approval for Pargon's New Manufacturing Facility to Spur Sales Opportunities
The approval of Paragon Vision Science's newly-constructed contact lens manufacturing site in suburban Phoenix by the U.S. Food and Drug Administration (FDA) will boost the Vision Care Market trends. For instance, The facility will produce advanced ortho-k products such as Paragon CRT® for use in the United States. The new site is more than double the size of the company's current plant in nearby Mesa, Arizona. Furthermore, the launch of TECNIS Synergy IOL by Johnson and Johnson's vision division will foster the growth of the market. For instance, Johnson and Johnson's vision division launched TECNIS Synergy IOL, an advanced intraocular lens that provides continuous high-contrast vision correction for patients with cataracts from far through near, even in low-light conditions. In addition, the increasing accessibility of spectacles and sunglasses owing to the affordability in emerging nations will further accelerate the growth of the market.
List of the Major Companies in the Global Vision Care Market:
(Have a Look at Reports Trending in Healthcare Industry)
Browse Related Reports:
Retinal Disease Therapeutics Market Size, Share and Global Trend By Disease Indication (Macular Degeneration, Diabetic Retinopathy, Diabetic Macular Edema, Retinal Vein Occlusion), Distribution Channel (Hospital Pharmacy, Retail Pharmacy) and Geography Forecast till 2025
Ophthalmic Disease Therapeutics Market Size, Share and Global Trend By Disease Indication (Glaucoma, Retinal Diseases, Dry Eye Disease, Allergy & Infections), By Drug Class (Anti-inflammatory, Anti-infectives, Anti-VEGF, Anti-glaucoma), By Dosage Form (Solid, Liquid, Semi-solid), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy) By Geography Forecast till 2026
Ophthalmic Lasers MarketSize, Share and Global Trend By Type (Excimer Lasers, Femtosecond Lasers, Nd Yag Lasers, Diode Lasers), Technology (Photodisruption, Selective Laser Trabeculoplasty, Photocoagulation), Application (Cataract Treatment, Glaucoma Treatment, Refractive Errors Treatment), End-User (Ophthalmic Laser Centers,Hospitals ) & Geography Forecast till 2026
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us: Fortune Business Insights™ Pvt. Ltd. 308, Supreme Headquarters, Survey No. 36, Baner, Pune-Bangalore Highway, Pune - 411045, Maharashtra, India. Phone: US: +1-424-253-0390 UK: +44-2071-939123 APAC: +91-744-740-1245 Email: email@example.com